I don’t know about you, but I can NOT believe half of 2016 is over! A ritual that Matt (my husband and business partner) do every year is schedule a Half Year Review & Planning Meeting. We are constantly reviewing our 2016 goals during the year. However, we always have a half year meeting outside the office to have a more strategic conversation.

If you have not read the book The E Myth by Michael Gerber, it is a must read for any entrepreneur. There are many takeaways from this entrepreneurial classic. One key point Michael makes is the importance of working “on” your business rather than working “in” your business. We have all heard this million times before. But how many people are REALLY good at this? We have been in business for 10 years, and we always schedule time to work on our business so we’re not sucked in too much to the day to day activities.

This week, Matt and I are sitting down together for our Half Year Review & Planning Meeting. We are actually going to a national park and going to have our meeting outside (weather permitting!). We want to be somewhere inspiring — not sitting in a conference room.

I thought it would be helpful to share our process and agenda with you. I hope this post inspires you to take some time in the next week to do the same. Meetings like this are like going to work out. Unfortunately, no one is going to work out for you. And once you do, you feel so good afterwards!

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7 Steps for Completing a Mid-Year Business Checkup

1. Don’t do this alone.

Schedule this meeting with your business partner and/or key business associate. If you don’t have a business partner, you could do this yourself. My only recommendation is if you do this yourself, make yourself accountable to sharing your insights with someone who supports you, encourages you, and might offer new perspective. Sharing your goals with another makes them more real and you feel more accountable.

2. Create an agenda that focuses on the strategic but allows room for the tactical.

Let me explain. The point of this meeting (and time you are taking out of your day to day business) is to look at your business from afar instead of up close. As you discuss strategic goals, the next discussion item will be HOW to achieve these goals, which will touch on the tactical side (day to day activities). And that is completely normal. Just watch that you don’t get stuck there or spend too much time in this meeting discussing the day to day activities.

3. Before you review goals and plan for the second half of the year, begin with the positive.

Believe me, reviewing goals is not always the most positive experience. In the past, I have reviewed goals with Matt and have felt a bit disappointed that we weren’t where we wanted to be yet. However, this is not the way to begin this meeting, and this negative energy will not move you any faster to your goals. Instead, begin in a positive frame of mind. You can ask yourself the following (as you reflect on the past six months):

What am I most proud of?

What have been the highlights?

What business win can I celebrate today?

4. Start reviewing/evaluating each goal you set for yourself at the beginning of 2016.

5. For every single goal, take yourself through the following process.

Most people jump into reviewing their goals. However, BEFORE you review your goals, the more important question is to ask yourself, is this goal worth having anymore? I can tell you firsthand, our goals change, evolve, and take on a life of their own. Give yourself permission to let go of something that is no longer serving you.

If the answer is yes, then these questions below will support you. (If the answer is no, then cross it off and write a new one!)

Are you on course to achieve this goal by the end of year?

What has been your progress so far?

What has been working?

What has not been working?

What adjustments need to be made in order to achieve this goal?

What, in your thinking, do you need to change?

What in your behavior/actions do you need to change?

What resources, people, and outside support can help you?

The key with this process is to be real, authentic, and honest with yourself. It is really easy in goal setting and goal review to make LOTS of excuses. This is especially true in this business, where SO MUCH is out of our control. However, that is not going to get you anywhere. You have to take full responsibility for EVERYTHING happening in your business, whether you had direct control or not. With every transaction and project, you do have a part in the project.

Use this time to get honest with yourself. What could you have done differently? And how will you make the second half of the year even better?

6. “Continue, start, and stop.”

The is last exercise I always like to end these type of meetings on. Each person at the meeting answers the following question and shares openly with their partner/team:

What will I CONTINUE doing to achieve our goals this year?

What will I STOP doing?

What will I START doing?

7. Share one thing that was your biggest takeaway.

You don’t want to end a meeting like this with a full list of to-do’s that you have to begin working on tomorrow! That is not motivating or inspiring. If anything, it will feel overwhelming. Instead, end on sharing one thing that was your biggest takeaway and one thing you are most excited about in the coming six months.

Remember, in all of this goal setting, having a positive state of mind and hustling each and every day are the KEYS to achieving any goal. That is the secret sauce. Nothing else. If your mind is not healthy, then achieving your real estate investing goals will always be something you want to do but never have done. And if you don’t take massive action and hustle, then these goals will be nice ideas but never a reality.

I would love to hear from you! What other ways do you review your goals at the half year mark? What questions do you ask yourself? What exercises do you use?

Thanks, as always, for reading and commenting. Here’s to a phenomenal rest of 2016!

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About Author

Liz Faircloth has been managing and investing in real estate since
2004, along with her husband, Matt. We have built our business from
scratch and now own over five million dollars in residential and
commercial assets. We love to help and educate investors. Our YouTube Channel, The Landlord’s Chronicles, offers short, yet educational videos that covers topics such as flipping houses, rentals, rehabs, property management, and lessons learned along the way. http://www.youtube.com/c/DerosaGroupTrenton